If you buy a place together there are a few inheritance issues to deal with too so you'll need the specialist advice of an accountant/financial advisor.
Which type of asset to go for would depend on the area you were wishing to buy in. Personally an older build one or two bed flat in a small development, close to amenities or 2 bed terrace, again close to amenities are the best type of properties to go for. Commercial lets are a risk as if you have an empty one you have to pay *full* business rates on it after 6 months. This never used to be the case so unless your purchase wisely it will take money out of your pocket. Small premises are easier to let, especially if they're for either a one man band or a company that may be looking to downsize to save money. If you have a building with an annexe then you will need to check planning regulations carefully as you may not be allowed to rent it out. And do you want your tenants under your nose?
You'd have to consult quite carefully local estate agents that deal with land and other rentable assets to find out how much they'd cost to buy, what they'd cost to own and what they'd offer in rent. You may find one type of asset seems well worth it compared to others but if it is a 'no-brainer' then you may find there's competition after not too long!
Due diligance is the only answer. Lots of research. Talk to lots of people.
If you do buy land then it is worth considering future development potential as another way of making money over the long term. Don't touch the 'land bank' type of companies though. They're nothing but dodgy!
HTH :-)
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